Cox Enterprises reports revenue drop in 2009


Privately owned Cox Enterprises doesn’t disclose a lot of financial information to the public. However, it has announced that total 2009 revenues were $14.7 billion, down from $15.2 billion in 2008.

That half billion decline is the first in recent memory for the company, which noted that its compound annual grown rate over the past 10 years was 9.1%. Cox Enterprises also proudly noted that it employs more than 66,000 people across its various operations.

Within the $14.7 billion, the biggest revenue generator was Cox Communications, the cable TV company, with $9.0 billion. Manheim, the auto auction company, had revenues of $3.4 billion. Cox Media Group – including the TV stations, radio stations, newspapers and their various websites (also Valpak) – had revenues of $1.8 billion. And finally, had 2009 revenues of $629 million.

“At Cox, we take a long-term view. In keeping with our philosophy, Cox businesses took actions in 2009 to pave the way for us to remain strong,” said Chairman Jim Kennedy and President/CEO Jimmy Hayes in a message accompanying the report. “We took Cox Radio, our only publicly traded company, private. With all of our operating companies now privately held, we can better focus on the long-term growth interests of all Cox businesses. This was also an important step in the evolution of our media business, Cox Media Group (CMG).

“As we have for more than a century, we will continue to provide our best for our communities and customers in good times and bad. Our future is bright, and we sincerely thank you – our dedicated employees, loyal customers and neighbors in the community – for your continued support. We never forget that it starts with you,” they concluded.